News & Tips

Final regs. loosen 401(k) hardship distribution requirements

The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.

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Hidden in plain sight: Accounting for embedded leases

Locating and reporting on lease arrangements hidden in contracts that are not labeled as leases can be a challenge under FASB’s new rules.

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Auditors get high marks, but non-US market optimism sags

Retail investors’ confidence in audited financial information has risen to near record highs, but confidence in markets outside the United States has plunged.

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5 tips for effective not-for-profit board oversight

These tips can help boards perform their duties of care, loyalty, and obedience to help not-for-profits thrive.

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Regulations clarify bonus depreciation treatment

The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.

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7 tips for adopting integrated reporting

As more companies latch on to the importance of long-term value creation, the International Integrated Reporting Council is offering them advice for producing integrated reports.

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FASB makes a second effort to improve balance sheet debt classification

FASB issued a reproposal that is designed to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet.

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Proposed regs. clarify reporting requirements for tax-exempt organizations

The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.

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IRS offers expatriate tax relief

The IRS announced procedures to allow certain individuals who have renounced their U.S. citizenship to get into compliance with their US tax obligations and obtain relief for back taxes.

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Tax accounting rules issued for advance payments

Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.

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